Can network attention effectively stimulate corporate ESG practices?—Evidence from China

Environmental, social, and governance (ESG) has emerged as a widespread concern for all societal segments. This study aims to explore the influence of network attention on corporate ESG practices from an investor perspective. We find that rising network attention significantly increases corporate ESG practices. Specifically, network attention plays the role of external monitoring, image promotion incentives, and mitigation of financing constraints to make companies willing to challenge ESG practices. Additionally, the promoting effect of network attention on firms’ ESG practices was more significant in higher marketization processes, severely competitive industries, and non-state enterprises. In the internet era, companies must pay attention to the flow effect caused by network attention, meet stakeholder demands, and pursue long-term sustainable development.


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Introduction
China's economy has shifted from a phase of high growth to high-quality development.attention.As such, the internet has inevitably entered the era where "attaining traffic implies being the king".Once a company enters the public eye and becomes the object of attention of investors or even the general public, then the network attention will gradually become a traffic resource which will significantly affect the investment decision of the company (Deng, Feng, and Li 2020).As such, we seek to uncover the influences that drive companies' ESG strategies that are essential for enhancing corporate sustainability.In fact, the informal system has long been a neglected and critical variable in driving ESG management and practice.In China's imperfect legal market, network attention, as a kind of informal regulation, represents a powerful complement to the formal system and serves an essential role in enhancing the level of corporate governance and protecting stakeholders.Confronted with the mobile internet traffic effect as an emerging shock, scholars have thoroughly examined the implications of investor concerns on corporate green innovation.However, there is still relatively limited research on the impact of network attention on firms' decision-making behaviour (Li et al. 2022).As such, we research the impact of network attention on corporate ESG practices, supplementing to this part of the literature.
In view of this, we empirically examine the impact of network attention on corporate ESG practices.We discovered that the network attention had positively contributed to corporate ESG practices regardless of whether ESG has been viewed as a whole or broken down into its three sub-dimensions of E、S and G.We believe that the Thirdly, by extending the research on the economic impact of online investors' interest from financial markets to corporate governance, the scope and effect of online attention will be enriched, thereby adding new evidence to the "governance effect" of network attention.Furthermore, the paper addresses network attention as a traffic resource that acts as an incentive for firm behavior.The paper also further examines the driving forces behind ESG, demonstrating that online media, like traditional media, form an alternative to formal institutions in performing external governance roles and play an essential role in promoting the development of China's real economy.

The economic consequences of network attention.
Network attention is a hot research topic in behavioral finance.Domestic and international scholars have extensively examined the economic consequences of network concerns whereby they focused on futures markets (Kou et al. 2018;Han, Li, and Yin 2017), currency markets (Han, Xu, and Yin 2018;Zhang and Wang 2020), commodity markets (Li, Zhang, and Yuan 2019;Yao, Zhang, and Ma 2017) and equity markets (Da, Engelberg, and Gao 2011;Wen et al. 2019).Additionally, certain studies in the literature effectively portrayed that network attention contributed to an essential role in the behavior and decision-making of firms.Concurrently, Han et al. (2018) examined the increase in network attention to reduce inefficient corporate investment.Deng, Feng, and Li (2020) discovered that there was an incentive effect of Internet traffic-based network attention on firm innovation.Feng, Li, and Deng (2021) proposed that the increase in online attention would be able to promote the company's growth significantly.Similarly, a recent study also argued that the increased network attention would significantly enhance corporate green innovation (Li et al. 2022).As such, the attention of investors' networks based on Internet traffic has inevitably emerged as a new resource.It is worth investigating whether it can drive corporate social and environmental governance behavior.

Factors Influencing ESG
There has been extensive research in the literature on the determinants of corporate ESG performance or CSR from various perspectives, including executive characteristics (Aabo and Giorici 2022; Chen, Zhou, and Zhu 2019; Xu and Ma 2021), operating environment (Chen and Wan 2020; Fu, Ma, and Tian 2021) and intra-firm characteristics factors (Cao, Li, and Xiao 2022;Barros et al. 2022;Drempetic, Klein, and Zwergel 2020).Numerous scholars have also examined the impact of external governance mechanisms on ESG performance.For instance, some studies have shown a strong positive association between media attention to CSR (Zyglidopoulos et al. 2012) and business environmental performance (Su and Fan 2021a).Overall, the above literature has predominantly focused on traditional media.Likewise, Several scholars have studied the external governance role of online media and demonstrated that online search volume improves corporate environmental performance (Cheng and Liu 2018), carbon information disclosure level (Li et al. 2017), and corporate environmental information disclosure (Fan, Yang, and Liu 2020).Thus, different from information reporting by traditional media organizations, online attention is an active information mining behaviour of investors.As such, it is apparent that the rapid development along with the penetration of the internet in China has been able to offer an excellent opportunity for this paper to further and thoroughly study the external governance role of online media.

Hypothesis development
Network attention serves as a critical external corporate governance mechanism that monitors and counterbalances corporate management decisions.As the largest group of investors in China's capital market, retail investors are exposed to the threat of profit encroachment from management and major shareholders.Therefore, they would actively gather more information to make accurate investment decisions.The frequency of their keyword searches will reflect the level of interest in the issue (Fan, Yang, and Liu 2020).As soon as a company is brought to the attention of more investors and exposed to the public, current trends in corporate development and investment decisions, personal behavior of executives, and job changes will all be under the scrutiny of the Internet (Feng, Li, and Deng 2021).Investors are not only the recipients of information but also disseminate their attitudes and opinions promptly, rapidly creating pressure on online public opinion (Dyck, Volchkova, and Zingales 2008).Subsequently, this pressure will force companies to adapt their behavior patterns to fit social ethics (Su and Fan 2021b).The principal reason is that ethical business practices will attempt to create the greatest social return, giving companies legitimacy and easier survival (Nazir et al. 2022).Therefore, companies would encounter barriers to accessing scarce resources if they fail to attain legitimacy.Additionally, online attention can heighten the heat of discussion on key events for listed companies, which may subsequently garner the attention of other external monitoring organizations such as the media, intermediary organizations, and regulators.The intervention of administrative supervision increases the probability of discovering corporate violations which acted as a prior "deterrent" to listed companies.Simultaneously, administrative penalties will heighten the cost of self-interested or opportunistic behavior.Accordingly, managers will cautiously assess the consequences of their non-conforming behavior.when faced with external pressure, the company's management will greatly increase its willingness to engage in ESG practices in order to gain legitimacy.
Network attention has gradually become an influential traffic resource, which can effectively enhance the exposure rate of listed companies and serve as a publicity role.
Investors will not only pay attention to a company's financial information but also its non-financial performance.ESG performance is one of the key non-financial indicators that investors will focus on when making investment decisions.Internet attention is equivalent to free advertising for a company.Therefore, the company would actively portray more positive images when the network attention is high.Management attaches significant importance to the reputational capital and value of the company in the labor market.On the one hand, reputation is an immensely vital intangible asset of a company that can improve its competitiveness.On the other hand, the market may heavily rely on this capital to infer manager capabilities and determine executive compensation (Ogunfowora, Stackhouse, and Oh 2018).As such, the loss of a company's reputation will inevitably translate into a lower share price, potentially damaging the company's market value (Baker et al. 2021).In a highly competitive industry, the corporate management level usually actively engages in ESG activities and views it as an impression management tool.Simultaneously, certain companies even demonstrate Network attention can ease corporate financing constraints (Martellini and Menzio 2020).Firstly, investors' profit-seeking mindset and disadvantageous information position would drive them to conduct web searches, pinpoint corporate information, and reduce information asymmetry between investors and companies.Investors' attention is limited, and their external attention is scarce.Therefore, the more they follow a company, the more likely they are to purchase its shares (Zhang, Liao, and Zhang 2014).
This potential investment intent enhances the company's ability to raise equity and continue as a going concern.Secondly, network attention increases the willingness of alternative investors and other stakeholders to invest in the business.The high internet "traffic" of online attention will unavoidably generate a wide range of influence and attracts additional stakeholders to the business.With the improvement of corporate social networks, it will be able to assist companies in acquiring more key resources such as human and financial resources.At the same time, the increased attention of the network screens out adequately-qualified companies and assists them in successfully attaining bank credit opportunities.performance will be able to vigorously represent its past performance over time and is more representative of its market outlook, thereby providing investors' confidence.ESG practices need to be supported by economic strength in addition to the strong will of managers.Concurrently, adequate funding is also necessary for companies to impose ESG changes.As such, network concerns have been alleviating financing constraints, bringing social resource tilt, as well as increasing the companies' willingness and ability to enhance ESG investment.
Therefore, the following hypothesis is proposed.H1: network attention improved corporate ESG practices.

Methodology
Considering ESG performance scores' availability, this study has selected A-share listed companies in China's Shanghai and Shenzhen markets between 2012 to 2020 as the research subjects.The following principles were followed in the processing of data: (1) The financial sector samples are excluded; (2) The ST or PT categories are excluded; (3) The samples that possess missing and abnormal data are excluded.Subsequently, a two-sided Winsorize shrinkage at the 1% level for all continuous variables has been successfully performed to effectively prevent the elimination of extreme observations from affecting the empirical results.The final consists of 7,633 firm-year observations corresponding with 7633 listed companies.Simultaneously, the network attention data has been obtained from the CNRDS database, which provides Internet search index values for China's listed companies since 2011.We also successfully acquired the relevant financial data of the company from the China Stock Market and Accounting Research (CSMAR).

Dependent variables
In consideration of the length of the sample as well as the completeness of the indicator system, the composite ESG score from the Bloomberg database and the individual sub-scores for the fundamental three dimensions of the environment (E), social responsibility (S), and corporate governance (G) have been employed as indicators of ESG practice.This score is a comprehensive assessment of the three dimensions of the enterprise's environment, society, as well as governance based on the corporate social responsibility report, annual report, website and other public information available to investors, and the overall rating of the company is based on the weighted average of the individual scores obtained from the ESG comprehensive score.Correspondingly, the scores will range from 0 to 100, whereby the higher the score, the higher the level of ESG compliance.

Independent variables
The internet search index effectively measures network attention (ATT), a comprehensive search index calculated based on various internet search data on the Baidu platform and integrated with relevant information such as news and public opinion.With reference to the previous research literature (Wen et al. 2019), the total value of the search sum for keywords such as stock code, company profile, and the full name of the company has been divided by the number of keywords followed by the natural logarithm to represent the web attention.

Control variables
Based on the ESG related literature, we choose the following control variables: firm size

Empirical model
We utilize the following model to validate the causal relationship between network attention and corporate ESG practices.All regression results have reported robust heteroskedasticity standard errors. (1) The independent variable ATTi，t denotes the network attention of firm i in year t.
ESG, E, S, and G represent the dependent variable.ESGi, t denotes the total ESG score of firm i in year t or the score of one of the three subscales E, S, and G. Controlsi, t represents a set of control variables, ∑Industry denotes the control industry dummy and ∑Year denotes the control time dummy.If the network attention (ATT) coefficient α is positive, then hypothesis 1 holds.

Regression analysis
Table 2 reports the results of the impact of network attention on ESG practices.Column (1) reports the estimated network attention coefficient of 0.674, which is significant at the 1% level.In (2), by utilizing the company's reported environmental score E as the dependent variable, the results indicate that an increase in network attention will lead companies to place more emphasis on environmental performance.This has been consistent with the previous findings (Cheng and Liu 2018).In column (3), the regression results in a coefficient of investor attention of 0.396, which is significant at the 10% level.
This indicates that increased network attention can motivate companies to engage in more socially beneficial behaviors and are vital participants in the country's development and society.In (4), for corporate governance as the dependent variable, the estimated coefficient of network attention is positively related to G with a coefficient of 0.533, which is significant at the 1% level.This indicates that network attention will effectively motivate the company management to emphasize stakeholders' demands more and strengthen corporate governance in general to maximize shareholders' interests under external supervision.Therefore, it is inevitable that the increase in network attention will lead company managers to be more forward-looking in their strategy formulation and more conducive to the long-term sustainability of the company's growth.Hence, key hypothesis 1 has been fully validated.

Instrumental variable regression.
We refer to (Yang, Chen, and Liu 2017) for selecting instrumental variables and use the proportion of shares outstanding (Trade) as the instrumental variable of network attention.Table 3  under the 10% criterion, meaning that the selected instrumental variables are relatively reliable.

Replace key variables
We use the summed logarithm of search values for keywords such as stock code, company profile, and full company name from the Web search index database as an alternative measure of network attention (IA).Table 3 column (3) shows that the regression coefficients of the explanatory variables are significant at the 1% level, and the findings remain robust.

Change lag time
Firms need time to adjust their investment policies dynamically, so this study uses lagged one-period network attention and related control variables, which can also mitigate potential endogenous problems.Table 3 column (4) shows a significant positive relationship between network attention and ESG practices.

Control individual fixed effects
To mitigate the potential problem of omitted variables that may arise from ignoring firm-specific characteristics, Eq. ( 1) is re-estimated using a model that includes firm-fixed and year-fixed effects.Notes: ***, **, and * mean significance level at the 1, 5 and 10%, respectively.Values in parentheses are heteroskedasticity robust standard errors.Due to space constraints, the results of the robustness tests for the three ESG sub-dimensions are not reported but are kept for reference.

The heterogeneity analysis of the marketization process
China's comprehensive national power continues to develop and is progressively transitioning from a planned economy to a market economy, which is a significant institutional background influencing enterprise micro-behavior.On the one hand, higher marketization implies less government intervention and a high level of investor protection.Therefore, retail investors will actively participate in the capital market, seek information via the network, and increase the company network's attention.As such, companies will implement more ESG initiatives to reduce financing costs and demonstrate the value of long-term corporate growth.On the other hand, regions with a higher marketization process typically possess a more developed legal environment and greater information transparency.Hence, investors will have higher expectations for corporate ESG and can effectively monitor and regulate corporate behavior through online concerns.We employ the marketization index developed by Wang et al. (2019) to determine each location's marketization level effectively.In Eq. ( 1), we introduce an interaction term (ATT×Market) to investigate the moderating effect of the marketization process comprehensively.
The results in column (1) of Table 4 demonstrate that the coefficient of the cross-product term is 0.176 and is significant at the 1% level.This implies that the higher the marketization process, the larger the positive influence of network attention on ESG practices.

Heterogeneity of industry competition
First, in the low-competition industry, the market concentration is high and some companies are in a monopoly position.Companies face less competitive pressure and have more stable capital and resources.When the network attention is raised, it has more strength to make ESG investments.Second, when an industry is concentrated in a few large enterprises, other businesses have fewer opportunities to gain market share, while monopolies have more opportunities to gain network attention.Companies will take advantage of the opportunity to increase web traffic and investor recognition by engaging in ESG activities for corporate promotion.Finally, in low-competition industries, where the degree of information misalignment is greater, network attention, an external governance mechanism, may play a greater role and better stimulate corporate ESG practices.We use the HHI, the cumulative square of the ratio of each firm's primary business revenue to the industry's total primary business revenue, to assess the level of competition to which a firm is subject.A higher value indicates that there is less industry competition.Table 5 demonstrates that ATT×HHI coefficients are all significantly positive, indicating that the effect of network attention on improving ESG practices is more pronounced in industries with little competition.

Heterogeneity of property rights
In the Chinese institutional environment, where the nature of property rights is an essential characteristic of firms, we further examine whether differences existed in network attention about corporate ESG practices among SOEs and non-SOEs.On the one hand, as SOEs possess a strong political connection with the government and bear the responsibility of maintaining social stability as well as enhancing people's well-being, thus they are required to set an exemplary example of ESG practices at the national level.
Hence, the ESG performance of SOEs is often political and mandatory, and if they receive more attention from investors, the ESG investment of SOEs is comparatively positive.Non-SOEs, whose main business goal is to improve economic efficiency, are hardly willing to take the initiative to undertake ESG practices.After all, this investment will not bring objective benefits to the enterprise in the short term.However, when network attention is raised, non-state companies are more proactive in engaging in ESG to gain legitimacy and cater to government policy guidance.Hence, we can infer that ESG practices are more pronounced among non-SOEs when network attention are raised.
The ESG×SOE cross-product term is added to Eq. ( 1) and then regressed.Table 6 presents that the regression coefficients of the cross-product terms are significantly negative, except for column (3), which is not significant, which is consistent with the inference that property rights possess a negative moderating effect.

INST
The percentage of shares hold by the institutional investors.

Top1
The total shareholding ratio of the top ten shareholders.

Dual
Equals1if CEO is also the chairman of the board, and 0 otherwise.Board Number of Directors.

SOE
Equals to 1 for state-owned enterprises, 0 otherwise.

Industry
According to the "Industry Classification Guidelines" by China Securities Regulatory Commission, we divide the listed companies by sector.

Year dummy
Set reference variables based on the years 2012-2020 or funders play any role in the study design, data collection and analysis, decision to publish, or preparation of the manuscript?• NO -Include this sentence at the end of your statement: The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.• YES -Specify the role(s) played.• * typeset Competing Interests Use the instructions below to enter a competing interest statement for this submission.On behalf of all authors, disclose any competing interests that could be perceived to bias this work-acknowledging all financial support and any other relevant financial or nonfinancial competing interests.This statement is required for submission and will appear in the published article if the submission is accepted.Please make sure it is accurate and that any funding sources listed in your Funding Information later in the submission form are also declared in your Financial Disclosure statement.View published research articles from PLOS ONE for specific examples.

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pro-social behavior by falsifying and exaggerating propaganda, actively participating in the battle for Internet traffic by establishing a positive image to cater to the rise in Internet attention.When companies with a high level of online attention encounter negative news, managers commonly tend to engage more in ESG activities to conceal negative company information or minimize damage.Hence, companies attempt to create the illusion of high sustainability by promoting an image of positive contribution to public goods to repair reputational damage.Network attention implies that investors are shareholders or potential shareholders of the company.Therefore, network attention will incentivize companies to engage in ESG practices, attain reputation capital, and achieve optimal publicity.
the State Council also proposed to strengthen the quality of listed companies further, perfect the governance rules of listed companies and enhance the transparency of information as well as the quality of disclosure.As such, it is evident that the (Barber and Odean 2008)on of natural resources, adverse working conditions, and corporate scandals have heightened society's expectations of corporate environmental, social and ethical responsibility(Barber and Odean 2008).The United Nations Global Compact (UNGC) first introduced the concept of ESG in June 2004, advocating that companies should consider the unified development of the environment, society and governance while focusing on business, going beyond the classic financial performance indicators.In March 2021, China proposed the "double carbon" target of achieving "peak carbon" by 2030 and "carbon neutrality" by 2060.Simultaneously, the executive meeting of actively search the internet to find out information about companies in order to make accurate investment decisions.With the inevitably rapid development of China's internet technology, the size of China's internet users reached 1.032 billion as of December 2021, with an Internet penetration rate of 73% 1 .According to the latest global statistics from the U.S. national statistics agency, Baidu's search engine (Liu, Li, and Kong 2022)al can help in easing financing constraints and enhance the ability of companies to challenge ESG practices.On the contrary, the cost of engaging in ESG practices will increase if companies are at risk of investor divestment or loan disruptions.Eventually, network attention has increased, various types of corporate information have been mined and disclosed, and the transparency of corporate information has significantly increased.Companies actively engage in more ESG activities to demonstrate that they are conscious of their corporate social responsibility and mitigate environmental and governance risks(Liu, Li, and Kong 2022)to boost investor evaluation of the business.A company's ESG

Table 1 .
Table1depicts the descriptive statistics of all the variables.The mean value of corporate ESG practices is 21.91 and the median is 20.66.Overall, companies' ESG performance has been relatively poor.Among the three sub-index scores, the mean value of corporate governance is 45.05, the mean value of social responsibility is 24.66, and the mean value of environmental performance is 10.88, indicating that corporate governance in the Descriptive statistics of variables sample has been favorable and there is significant room for improvement in environmental investment.The mean value of network attention (ATT) is 12.09, with a standard deviation of 0.673, indicating that differences exist between investors and attention to different companies.

Table 2 .
Principal regression column (1) displays the results of the first stage regression, where shares outstanding (Trade) and network attention are positively correlated, further demonstrating the relevance of the instrumental variables.Column (2) indicate that network concerns remain significantly and positively associated with ESG practices after controlling for endogeneity issues.Also, we conducted a weak instrumental variable test, and the F-statistic value was 299.609, which is greater than the critical value of 16.380 Table 3 column (5) shows that network attention is significantly and positively related to ESG practices at the 1% level, indicating that higher investor network attention increases higher ESG inputs by firms, and the study findings remain unchanged.

Table 4 .
The moderating effect of the marketization process

Table 5 .
Regulating the role of industry competition

Table 6 .
(Zyglidopoulos et al. 2012)17)y rightsMost previous research focused on the relationship between ESG and financial performance and market value indicators(Bruna et al. 2022;Velte 2017).Understanding the motivations behind ESG practices is critical for improving long-term corporate sustainability.We investigated the impact of network attention on corporate ESG practices filling the gaps from an investor's perspective.Scholars are studying the connection between web search volume and corporate environmental performance(Cheng and Liu 2018), as well as environmental information disclosure(Fan, Yang, and Liu 2020), but only one of the environmental dimensions of ESG practices is taken into consideration.Also, their findings are supported by our results, which manifest that network attention is significantly positive for E. Simultaneously, this paper investigates ESG both from a comprehensive and a segmented perspective, which is consistent with China's current strategic requirement of transitioning from uneven to balanced development, as well as achieving coordination, unity, and sustainable development goals in all aspects of corporate practice.The media is an important external monitoring mechanism that can significantly improve CSR(Zyglidopoulos et al. 2012).Unlike traditional media, where investors passively receive information, we believe online investor attention plays an important external monitoring role and significantly improves corporate ESG practices.Previous literature has paid attention to stakeholder theory, institutional perspective, etc., arguing that corporate CSR is about gaining and retaining legitimacy.Investors can actively cultivate and search for corporate information thanks to the rapid development of digital networks, and online attention has a significant traffic effect.On this basis, we also considered that the traffic generated by network attention motivates people to participate in ESG for image promotion.Furthermore, the network attention relieved corporate financing constraints and provided adequate financial support for corporate ESG practices.This study has important managerial implications.For enterprises, we cannot merely pursue the goal of "profit maximization" for businesses while ignoring long-term development.Companies should actively engage in ESG practices as a "value investment" that earns them a reputation and their stakeholders' trust and support.At the government level, we should actively increase network platform construction and strengthen network ecology guidance and governance.